FOR IMMEDIATE RELEASE
November 15, 2024
Contact: Bryan Wachter (775) 771-8969 | Bryan@RANNV.org
Nevada Consumers Expected to Spend Record $6.4 Billion This Holiday Season
Holiday Spending in Nevada Expected to Rise by 3 Percent
Holiday music is already echoing in stores acrossNevada asretailersprepare fora healthy holiday shopping season. Consumer retail salesthisholiday seasonareprojected to grow 3 percent to a record $6.4 billion, according to the Retail Association of Nevada(RAN). Nationally, holiday spending was expected to increase between 2.5 percentand 3.5 percent compared to last year, with Americans projectedtospend anaverageof$902 per person, according to the National Retail Federation (NRF).
“This year’s projected $6.4 billion in holidayspending highlights the cautious optimism among Nevada’s consumers and thestrengthofourretail industry,”said Bryan Wachter, Senior Vice President of the Retail Association ofNevada.“Retailersarewell-preparedto meet demand with early deals and convenient shopping options,butwe knowconsumers are still navigating economic uncertainties. We’rehopefulthisholiday seasonwill continue to show steady growth while delivering valueand joytofamilies across the state.”
Consumers are once again prioritizing holiday gift giving, with anaverageof$641 out of $902 budgeted specifically for gifts for friendsand family—upfrom$620 last year.To meet this rising demand, retailers are anticipatingan earlierstarttotheholiday shoppingseason, preparing early deals and ensuring ampleinventory forin-demand items. Thisyear, 45.0 percent of consumers plan to begin shoppingbefore November, anincreaseoftwopercent from last year, motivated by a desire to spread out budgets (59.0percent), avoidlast-minute stress (45.0 percent) and skip the crowds (42.0 percent).
Shopping destinations remain largely consistent, with 57.0 percentplanning to shoponline, followed by department and grocery stores (46.0 percent),discountstores (45.0percent) and clothing stores (31.0 percent).
For gift categories, consumers’ choices are similartolastyear, with giftcardsremaining the most popular (53.0 percent). Other top choices includeclothingoraccessories(49.0 percent), books, video games, other media (28.0percent)and personal care or beauty items (25.0 percent).
Online shopping is set to reach 56.0 percent of allholiday purchases,withnonstore retail sales, including online transactions, at an all-time high. AsofAugust2024,Nevada’s nonstore retail sales totaled $6.6 billion over atrailing 12-month period,marking an8.9 percent year-over-year increase. RANestimatesnonstore holidaysales couldreach$1.4 billion, surpassing last year’s $1.3 billion record.